by Calculated Risk on 11/24/2022 11:28:00 AM
Here are five economic reasons to be thankful this Thanksgiving. (Hat Tip to Neil Irwin who started doing this years ago)
1) The Unemployment Rate is Near 50 Year Low
The unemployment rate is down from 4.6% a year ago (October 2021).
This was just up from 3.5% in September – and that matched the lowest unemployment rate since 1969!
2) Low unemployment claims.
Weekly claims were at 240,000 last week.
The dashed line on the graph is the current 4-week average.
Even though weekly claims have moved up a little recently, the 4-week average is close to the lowest level in 50 years.
3) Mortgage Debt as a Percent of GDP is much lower